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FxWirePro: Forex Daily Update
The US dollar index pared some of its gains after Fed monetary policy. It hit a low of 105.43 and is currently trading around 105.73.
The central bank has kept rates unchanged within their current range of 5.25%-5.50%. The US Central Bank added that it does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving towards 2%.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.10% from 83.50% a week ago.
US ISM manufacturing index declined to 49.20 in Apr vs. Estimate of 50.
Major resistance- 106.50/107
Major support- 105.35/104.45
Economic data for the day
May 2nd, 2024, US initial jobless claims (12:30 pm GMT)
EURUSD-
EURUSD gained momentum after being less hawkish than anticipated.
Markets eye German and Eurozone final manufacturing PMI for further direction.
Major resistance-1.0760,1.0800
Major support- 1.0660,1.0600
Yen-
The pair lost its shine after the Japanese government's forex intervention. Any break below 154.95 confirms major bearishness.
Major Resistance- 161,163
Major support- 154.50,153.50
Canadian Dollar
The Canadian dollar gained momentum on policy divergence between the Fed and BOC. Any break below 1.3700 confirms further bearishness.
Resistance- 1.3800,1.3865
Major support- 1.3700,1.3650
